BUZZ-Absci rises on $20 million investment from AMD
Shares of AI biologics firm Absci Corp ABSI.O rise 30.6% to $4.01 premarket
Co announces a strategic collaboration with Advanced Micro Devices AMD.O, where the chipmaker will invest $20 mln in co to power AI drug discovery
The investment is structured as a private investment in public equity or PIPE financing
The partnership will provide AI solutions and also help reduce infrastructure costs for ABSI
ABSI will deploy AMD's AI chips to help in drug discovery which "will enable us to further the development of next-generation antibody therapeutics"- ABSI
Absci previously struck a deal worth up to $247 mln with drugmaker AstraZeneca AZN.L to design an antibody to fight cancer
Up to last close, ABSI had fallen 8.6% in the past 12 months
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com;))
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